THE Maharashtra Government on Monday proposed a 6 per cent tax on electric vehicles priced more than Rs 30 lakh in the Budget for the fiscal 2025-26. Deputy Chief Minister Ajit Pawar, who also holds the Finance portfolio, tabled the Budget and announced a 1 per cent hike in the Motor Vehicle Tax on CNG and LPG vehicles. The Government has also proposed a 7 per cent tax on vehicles used for construction activities, which will generate additional revenue of approximately Rs 180 crore. The State Government has proposed a 6 per cent tax on electric vehicles above Rs 30 lakh and a 1 per cent tax hike on individual-owned non-transport four-wheeler CNG and LPG vehicles. The move will generate an additional revenue of approximately Rs 150 crore in 2025-26. Pawar also announced a 7 per cent tax on light goods vehicles (LGVs) carrying goods up to 7,500 kg, which will earn the state Rs 625 crore. The Government has also increased the maximum limit of the Motor Vehicles Tax from Rs 20 lakh to Rs 30 lakh, which is expected to generate a revenue of Rs 170 crore. Sufficient budgetary provisions are made for highways, ports, airports, waterways, bus transport, railways, and metro systems. Efforts will be made to ensure quality rural roads, with substantial financial backing for state highways and district roads. 

 

 

IN A serious bid to boost the industrial growth, which has dipped 4.9 per cent in 2024-25 against 6.2 per cent last year, the Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar in the annual Budget for 2025-26 proposed a slew of policy initiatives. He said, State Government will soon announce the New Industrial Policy 2025 with a target of attracting investment of Rs 40 lakh crore and generation of 50 lakh jobs in the next five years. Besides, the Government will issue gems and jewellery policy, electronic policy, circular economic policy, space policy to attract industrial investment while competing with other States. The Government will frame new labour rules as per the new labour code of the Central Government. The dedicated logistic infrastructure will be developed in more than 10,000 acres of land. Similarly, separate policies will be announced for space and defence manufacturing sectors, electronics, gems and jewellery, MSMEs as well as for circular economy,” he said. New labour rules will be framed as per the new labour code of the Union Government, Pawar said in the assembly. Pawar presented a Rs 7,00,020 crore Budget for the fiscal 2025-26.

 

The Mumbai Metropolitan Region (MMR) will be developed as an international level economic development center as a “Growth Hub.” International level business centers will be established at seven locations, such as Bandra-Kurla Complex, Kurla-Worli, Wadala, Goregaon, Navi Mumbai, Kharghar, and Virar-Boisar. The objective is to increase the size of the economy of Mumbai Metropolitan Region from the current $140 billion to $300 billion by 2030, and to $1.5 trillion by 2047. The Finance Minister has proposed a Package Scheme of Incentives of Rs 6,400 crore to boost investments. He said that the electricity purchase costs will be reduced by Rs 1.13 lakh crore over the next five years due to energy sector planning and the procurement of low-cost green energy. This will make the electricity tariff for industries competitive as compared to the nighbouring states. The Government will establish Maharashtra Technical Textile Mission and also set up “Urban Haat Center” in Nagpur. In order to further promote information technology and data centres, the Government will establish Innovation City spread over 250 acres of land in Navi Mumbai. The Government has plans to start passenger services at Amravati airport by this month’s end, while the survey and exploration work for a new airport in Gadchiroli is in progress, and funds will be provided for the expansion of Akola airport. 

 

 

GADCHIROLI, once afflicted with the Naxalism menace, is now emerging as a steel hub with investment agreements worth Rs 21,830 crore signed for the district at the recent World Economic Forum in Davos, Maharashtra Deputy Chief Minister Ajit Pawar said on Monday while presenting the State Budget for 2025-26. These investments would generate 7500 jobs, Pawar, who holds the Finance portfolio in the Devendra Fadnavis Government, told the Assembly. A network of mining highways is being developed to improve transportation in the district, and works costing approximately Rs 500 crore will be undertaken in the first phase, Pawar said. A package scheme of incentives is being implemented to promote balanced regional development, under which a grant of Rs 6,400 crore is proposed for 2025-26, he said. Presenting the Budget, Pawar said the ‘Maharashtra Technical Textile Mission’ will be established to develop the State as a global hub, which will benefit cotton farmers in Vidarbha. An ‘Urban Haat’ will be set up in Nagpur, Vidarbha’s largest city, to provide facilities for handloom weavers, he said. 

 

 

 THE Vadhvan port in Maharashtra’s Palghar district will be operational by 2030, Finance Minister Ajit Pawar said as he tabled his 11th State Budget in the Legislative Assembly on Monday. He said, Maharashtra’s new industrial policy will focus on Rs 40 lakh crore investment and generation of 50 lakh jobs. The Mumbai Metropolitan Region is being developed as a growth hub, and it will have a USD 1.5 trillion economy by 2047, Pawar said in his Budget speech. He also said Maharashtra will have a new health and senior citizens’ policy. “Vadhvan port in Palghar will be operational by 2030,” the minister said, adding the third airport for Mumbai is proposed near the Vadhvan port and a station of the Mumbai-Ahmedabad bullet train will also be near the port.